Seers up 6.25% at Bursa LEAP Market debut

KUALA LUMPUR (July 17): Shares of Seers Bhd rose as much as 0.5 sen or 6.25% to 8.5 sen at the opening bell today – as the water-heating specialist' makes its maiden trading on Bursa Malaysia's LEAP Market.

A total of 100,000 units were transacted.

Seers managing director Ken Foo Kwok Hsing said the company hopes to expand into the retail market for water-heating appliances in Malaysia.

“We expect the demand for our products to continue to expand, albeit at a moderate pace, driven by our sustained economic growth and consumption spending, growing population and the construction of new homes and commercial buildings,” Foo said in a statement issued in conjunction with Seers' listing ceremony here today.

According to Seers’ information memorandum, the company had earlier undertaken an excluded issue of 193.22 new shares to selected sophisticated investors at eight sen each, in conjunction with the company's listing.